Maintaining an estate plan involves reviewing your documents, including your will, every few years. Regular reviews allow you to address potential problems with your estate plan, assets or beneficiaries.
For example, your final will may fail to meet your needs amid meaningful changes in your life. We have spoken previously about the ideal time to review and update an existing will. This post discusses three more times to consider updating your will (or other documents).
When downsizing your estate
Decluttering is not only for useless items lying around your home. A trend growing in popularity involves getting rid of (selling, etc.) property to streamline existing estate plans. If you decide to declutter your estate assets, update your will accordingly so that you do not unintentionally leave your beneficiaries with nothing.
When moving to a new state
Your will and other estate planning documents are subject to laws in the state of their creation. If you plan to relocate to another state, your estate plan needs an update. These updates ensure that no laws in your new state interfere with your intentions.
When adding or changing charities
You may have already addressed your favorite charities in your will, but if you decide to add more, be sure to update your final will immediately. The same goes for situations where a once-favorite charity undergoes policy or other changes that you do not like. If you no longer support a charity, remove it from your estate plan documents.
As you can see, estate planning for residents is an ongoing process, not just a one-time event. Regular reviews of your plan ensure that it continues to function in the best interests of you and your family.